Home Business Alibaba’s Index of Pain Is a Lesson in Timing

Alibaba’s Index of Pain Is a Lesson in Timing

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Does the decision deserve criticism? The Hang Seng Index needs to evolve to retain relevance, and the proposal to admit the likes of Alibaba drew overwhelming support in the market consultation. In September 2020, the internet giant was riding high: dominating e-commerce at home, expanding in Southeast Asia, and preparing for a world-record $35 billion initial public offering by its Ant Group unit. Who could have foreseen that within weeks, China’s government would scuttle the IPO, banish founder Jack Ma from public view, and turn Alibaba into one of the primary targets of its anti-monopoly and “common prosperity” drives?

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